Government economists have forecasted one$-$year T$-$bill rates for the following five years as follows:

Year $1-$year rate

$13\mathrm{.}75\%$

$25\mathrm{.}85\%$

$32\mathrm{.}50\%$

$46\mathrm{.}15\%$

$54\mathrm{.}30\%$

Suppose that the liquidity premium is $0\mathrm{.}35\%$ for the next two years and $0\mathrm{.}18\%$ thereafter. Assuming the Liquidity Premium Theory is correct, what do you expect the current interest rate is on a $2-$year bond? Please round to two decimal places.